RBL Bank Home Loan

Features & Benefits of RBL Bank Home Loan

Buying a home is a huge lifetime investment and choosing the right financial support is important. RBL offers home loans, loans against property and loans for affordable housing, which also includes loans for individuals who receive their salaries in cash. The home loan requirements are simple. Some of the features are: 

• Up to INR 10 Crores are available as the maximum amount for home loans.
• They have flexible tenure of up to 25 years. 
• They just want minimal documentation for faster approvals of your loan.
• The interest rate at 9.5% and 12.8% p.a.

The benefits and features of RBL bank home loan are as follows:

• RBL Bank Home Loans are open for both salaried and self-employed
• There are special interest rates for women customers and government employees
• The home loans are available at the minimum age of 24 years and the age at loan maturity must be 60 years only
• The loan to value ratio is 90%
• The maximum tenure is for 25 years
• The interest rate is reasonable and ranges from 10.20% to 11.55%
• Also, RBL bank starts the EMI from a minimal amount of INR 923
• They also offer security.

RBL Bank Home Loan Eligibility Criteria

Home loans are available only for Indian residents. These Indian residents must be either salaried, self-employed, or self-employed professionals. The other requirements for such persons are as follows:

Eligibility Factors	Salaried Individuals	Self- Employed Individuals / Professionals
Minimum Net Income	INR 120,000 per annum	INR 150,000 as per latest ITR filings
Minimum Age at the loan sanction time	24 years	24-years
Maximum Age at loan maturity time	60 years	65 years
Work Experience	minimum 1 year at the present job and 2 years of total experience. If the present job is not 1 year, then a total of 3 years of experience.	Three years persistency in the same business

RBL Bank Home Loan Fees & Charges

Here is a complete explanation of every fee and charge levied on your loan amount.

Note: Goods and Services Tax (GST) will be additionally applicable to the below-written charges.

Attributes	Fee / Charges
Processing fees	1.5% of the total loan amount
Application Fees	For Mumbai: INR  6500 For other locations: INR 5000
Late payment charges of EMI	2% more on the interest per month on the pending amount
For the Issuing of Duplicate Interest & Principal Certificate / NOC / No due certificate	INR 250 every time
Charges on Cheque swapping or Bounce Cheque	INR 250 every time
Charges for CIBIL report	INR 50 every time
Charges on changing fixed to floating interest rates or vice-versa	0.5% on outstanding loan amount
Part Pre-Payment Charges (For Individual with business purpose)	NIL
Part Pre-payment charges (For Individual with business purpose and all Non-Individual borrowers and individuals with fixed-rate loans)	No prepayment for up to 15% of the pending amount. However, above 15% at the start of the financial year will be charged at 3% of the paid amount.
Foreclosure Charges (For Individual with any business purpose)	NIL
Foreclosure charges (For Individual with business purpose and all Non Individual borrowers and individuals with fixed-rate loans)	3% on pending amount
Rate switch charges (Floating to Floating rate / Fixed to Fixed rate)	0.5% on the outstanding amount of INR 50,000/ (whichever is lower)

RBL Bank Home Loan Interest Rates

Here are the interest rates for RBL home loans:

Loan Amount	For Salaried Applicants	For Self Employed Applicants	For Women	For Government Employee
Till INR. 10 lakh	10.20%	10.70%	10.20%	10.20%
INR 10 – 15 lakh	10.20%	10.70%	10.20%	10.20%
INR 15 lakh - INR 25 lakh	10.20%	10.70%	10.20%	10.20%
INR 25 lakh - INR 75 lakh	10.20%	10.70%	10.20%	10.20%
INR 75 lakh - INR 2 crores	9.50%	10.00%	9.50%	9.50%
Above INR 2 crores	9.50%	10.00%	9.50%	9.50%

Factors Affecting RBL Bank Home Loan Interest Rates

Here are three prominent factors that can help you in getting a better competitive interest rate.

• Credit Scores: Your credit score plays a crucial role in your home loan interest rate. Thus, having a credit score of 750 or more can help you in getting a good interest rate.
• MCLR: MCLR (Marginal Cost of Lending Rates)  means benchmark lending rates on which other lenders provide home loans to their customers. These rates come at a predetermined clause and can change the interest rate.
• Location and Value of your Home: Getting the best interest rate will not be challenging if you have a property at a prime location with a great value. RBL bank provides reasonable interest rates depending on these factors.

Documents Required For RBL Bank Home Loan

Listed below are the documents required for both salaried and self-employed borrowers:

Parameters	Salaried Individuals	Self Employed Individuals
Application Form	Form must be filled in and signed along with photographs	Form must be filled in and signed along with photographs
Proof Require	Identity, address, birth and age proof	Identity, address, birth and age proof
Income Proof	Last three months salary slip	ITR, financial statements, balance sheet computed by CA, and profit and loss account
Bank Statement	Last six months bank statement	Last twelve months bank statement
ITR	Income Tax Returns (ITR) and Form 16 details	Only for partnership firms: Latest deed of partnership
Papers or Document of the property	Real documents of the property	For companies: Latest Memorandum and Articles of Association For LLP: An Agreement and title document of the property.

How does the EMI Calculation Work for RBL Bank Home Loan?

It is always a better idea to compute your monthly EMI towards your home loan. The formula for calculating EMI is simple yet complex: 

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

In this formula, P means principal loan amount, R means the interest rate and N means the loan tenure.

You can use the Urban Money home loan calculator to ease the complexities. Enter a few details such as the interest rate, loan tenure, and the loan amount. Once you fill in the required information, you will be able to see the results on the screen. The calculator also shows you an amortisation table. This table will tell how your monthly payments are divided between the principal and interest components yearly and monthly.

How does RBL Bank Compare with Other Lenders?

You can compare the interest rate of various lenders for different loan amounts in the table below:

Banks or NBFCs	Up to INR 30 Lakh	More than INR 30 Lakh to INR 75 Lakh	Above INR 75 Lakh
RBL Bank	9.50% – 12.80%	9.50% – 12.80%	9.50% – 12.80%
Tata Capital	7.15% onwards	7.15% onwards	7.15% onwards
ICICI Bank	7.10% - 7.95%	7.10% - 7.95%	7.10% - 7.95%
IDFC First Bank	7.10% onwards	7.10% onwards	7.10% onwards
HDFC	7.00% - 8.45%	7.00% - 8.45%	7.00% - 8.45%
Axis Bank	7.00% - 11.90%	7.00% - 11.90%	7.00% - 11.90%
Kotak Mahindra Bank	7.00% onwards	7.00% onwards	7.00% onwards
Punjab National Bank	6.95% - 8.35%	6.90-8.05	6.90-8.00
Bank of Baroda	6.90% - 8.40%	6.90% - 8.40%	6.90% - 8.65%
Union Bank of India	6.90% - 8.65%	6.90% - 8.85%	6.90% - 8.85%
LIC Housing Finance	6.90% - 8.00%	6.90% - 8.20%	6.90% - 8.40%
L&T Housing Finance	6.75% – 7.75%	6.75% – 7.75%	6.75% – 7.75%
PNB Housing Finance	6.75% - 12.00%	6.75% - 12.00%	6.75% - 12.00%
State Bank of India	6.65% - 7.65%	6.65% - 7.65%	6.65% - 7.65%
Bajaj Housing Finance	6.65% onwards	6.65% onwards	6.65% onwards

RBL Bank Home Loan Customer Care Number

The RBL Bank Home Loan customer care number is: 022 6115 6300